Banga: 800 million jobs missing in a decade

The President of the World Bank Group, Ajay Banga, emphasized that the world is facing a significant employment gap. It is expected that approximately 1.2 billion young people will enter the labor market over the next 10 to 15 years, while the global economy is projected to create only 400 million jobs, leaving a gap of about 800 million job opportunities. He explained that geopolitical conflicts, rising debt levels, and increasing costs of essential goods are complicating development efforts. He pointed out that the World Bank is focusing on strengthening financing strategies and achieving sustainable growth by integrating government funding, private sector investment, philanthropy, and technology. The emphasis is on improving infrastructure and developing the energy, water, and health sectors to help reduce the employment gap and promote economic stability. Additionally, he announced successes in mobilizing private investments and expanding digital and developmental projects in Africa. He stressed the importance of creating jobs to promote dignity and stability, while underscoring the need to build a development model based on the collaborative efforts of public and private financing and the adoption of technology to ensure a sustainable development future.

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